MONROVIA – Gbarpolu County Senator Amara M. Konneh has welcomed the International Monetary Fund’s (IMF) approval of SDR 19.3 million (approximately US$26.5 million) to support Liberia’s balance of payments, but cautioned that widespread corruption, weak institutions, and limited economic reforms continue to undermine growth and investor confidence in the country.
In a detailed statement on Tuesday, October 7, 2025, Senator Konneh congratulated President Joseph Boakai and his Economic Management Team (EMT) for securing the IMF support but highlighted the Fund’s concerns about the state of the economy. “We congratulate President Boakai and his Economic Management Team (EMT) on the IMF’s approval of SDR 19.3 million (about US$26.5 million) to support Liberia’s Balance of Payments, following a successful 2025 Article IV Consultation and review under the ECF Arrangement. While celebrating, we note the IMF’s lowered growth projections and report of ‘widespread corruption,’” Konneh said.
The IMF recently downgraded Liberia’s 2025 growth forecast from 5.6 percent to 4.6 percent, returning to 2023 levels, despite a modest recovery from 2024’s 4.0 percent. The Fund also cited “widespread corruption” as a persistent obstacle to economic progress. According to Konneh, this assessment reflects structural weaknesses that remain unresolved nearly two years into the Boakai-Koung administration.
“Structural weaknesses persist two years into the Boakai-Koung Administration, and low consumption highlights citizens’ limited buying power. Both signal a weak economy,” he stated, adding that these problems will continue “as long as our institutions remain weak.”
Drawing on his experience as a former Finance Minister, Konneh said the economic challenges facing Liberia are not new. “I understand the challenge of dealing with external factors like geopolitical issues being beyond our control, endemic corruption fueled by noise rather than action, and limited professional capacity combined with political will to push reform, both of which are within our control,” he said. “But we are far better off than where we were in 2006 when the UP first inherited a collapsed and isolated country after a prolonged civil war.”
While commending the administration for stabilizing the exchange rate and inflation, Konneh argued that deeper, transformative reforms are needed to stimulate growth. “President Boakai and his EMT have made good progress in stabilizing the exchange rate and inflation, but they have done little to implement deeper reforms that could grow the economy and accelerate development,” he stated. “What we need now are transformative reforms to meet our people’s urgent needs. We must leverage what we know, have, and build on them.”
Konneh also critiqued the ARREST Agenda for Inclusive Development (AAID), the administration’s development blueprint, as overly ambitious and unrealistic given current economic constraints. “AAID repeats a critical mistake we made with its successors: at a cost twice our Gross Domestic Product (GDP), it is overly ambitious and requires strong institutions, ample resources, and effective leadership,” he warned. He added that donor fatigue and inflationary pressures make domestic resource mobilization more difficult than in the past two decades.
The senator emphasized the need for fiscal reforms to reduce reliance on consumer-based taxes, which he said are worsening economic hardships for ordinary Liberians. “We need comprehensive fiscal reforms that optimize growth via better natural resource concessions, smarter public spending, job creation, equitable redistribution, and protection of key social expenditures, even as we tighten the budget,” he stressed.
Konneh further pointed out that institutional reforms are essential to sustain development gains, citing Liberia’s eligibility for a second Millennium Challenge Corporation (MCC) Compact as an example. “Today, corruption could jeopardize the Compact if not adequately addressed. I do not believe the IMF’s mention of ‘widespread corruption’ will stop the current MCC process, but persistent failure to reform could weaken its impact,” he said.
He warned that political calculations surrounding the 2029 elections appear to be influencing economic decisions prematurely. “It appears that 2029 has arrived earlier than expected, distorting everything and prompting them to make decisions based on their political interests instead of focusing on improving lives,” he said. “As national leaders and policymakers, we must be willing to accept honest truths, whether from friends or political rivals, and make bold, principled choices.”
As the Legislature prepares to resume in two weeks, Konneh pledged to collaborate with his colleagues, the Executive, and development partners to turn the IMF report’s warnings into opportunities. “I look forward to working with my colleagues in the Legislature, our partners in the Executive, and Liberia’s development allies to see this moment not as a warning but as an opportunity to embed mutual accountability and unlock private-sector growth like never before,” he concluded.
Konneh reaffirmed his willingness to work across political and institutional lines to ensure every dollar spent supports national priorities. “As always, I believe we can and am willing to work across political and institutional divides to realize Liberia’s highest potential,” he said.
